Most businesses can rattle off the major contracts they have, the ones they interact with frequently. But in general, many businesses don’t realize how many contracts or business obligations, they really have. If they do not have a policy of aggregating and tracking all of their agreements, they likely overlook (read: forget) many contracts and obligations.
Now, most businesses don’t wake up one day and say “hey, I think I am forgetting about contracts”. There is typically some event or action that brings to light that they are overlooking contracts and agreements. Do these sound familiar?
If you have lived through of these events (of course you have), it is very common to find agreements and contracts that you never knew about or had just “forgotten” were in place. For many businesses, they have “the Land of Forgotten Contracts”. Stay tuned for part 1 of our multipart series on this topic.